SAN ANTONIO--(BUSINESS WIRE)--Dec. 19, 2012-- Abraxas Petroleum Corporation (NASDAQ:AXAS) is pleased to provide the following divestiture update.
Abraxas recently closed the previously announced divestiture of the Company's Nordheim Eagleford assets for net proceeds of $18.8mm after accounting for purchase price adjustments.
Bob Watson, President and CEO of Abraxas, commented, "We are very enthused by our continued execution on the A&D front with the closing of the Nordheim divestiture. Abraxas now enters 2013 poised for strong growth, a leaner balance sheet and an enviable asset base."
Abraxas Petroleum Corporation is a San Antonio based crude oil and natural gas exploration and production company with operations across the Rocky Mountain, Mid-Continent, Permian Basin and onshore Gulf Coast regions of the United States and in the province of Alberta, Canada.
Safe Harbor for forward-looking statements: Statements in this release looking forward in time involve known and unknown risks and uncertainties, which may cause Abraxas' actual results in future periods to be materially different from any future performance suggested in this release. Such factors may include, but may not be necessarily limited to, changes in the prices received by Abraxas for crude oil and natural gas. In addition, Abraxas' future crude oil and natural gas production is highly dependent upon Abraxas' level of success in acquiring or finding additional reserves. Further, Abraxas operates in an industry sector where the value of securities is highly volatile and may be influenced by economic and other factors beyond Abraxas' control. In the context of forward-looking information provided for in this release, reference is made to the discussion of risk factors detailed in Abraxas' filings with the Securities and Exchange Commission during the past 12 months.
Source: Abraxas Petroleum Corporation
Abraxas Petroleum Corporation
Geoffrey King, 210-490-4788
Vice President - Chief Financial Officer